Ex-Hyosung chairman resigns as chief of flagship unit

Published : Jul 14, 2017 - 16:13 Updated : Jul 14, 2017 - 16:13

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The former chairman of Hyosung Group has left his post as head of Hyosung Corp., a local textile maker, due to old age, the conglomerate said Friday.

Cho Suck-rai, 81, retired as the CEO of the flagship unit of the family-run business group, the company said in a regulatory filing, effectively ending his career that spanned more than five decades and began in 1966.

Cho Suck-rai (Yonhap)

Cho had already handed over his position as group chairman to his first son Cho Hyun-joon late last year.

The 81-year-old is currently facing an appeal on charges of tax evasion and embezzlement. A lower court sentenced him to three years in prison and a fine of 136.5 billion won ($120 million). (Yonhap)